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Simon Macharia is a real estate investor in Dallas Texas, and specializes in buying and selling houses. Learn how you can automate most aspects of your real estate [url=http://www.agentparadise.com]woolrich sito ufficiale[/url] business with a database-driven real estate investing website saving you time, money and effort, while closing more deals by increasing your efficiency.
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**NOTE** - has claimed [url=http://www.giuseppezanottipaschere.com]giuseppe zanotti soldes[/url] original rights on the article "Importance Of Clean Title In Real Estate Investing" ... if there is a dispute on the originality of this article ... please contact us via our and supply [url=http://www.mxitcms.com/abercrombie/]abercrombie[/url] our staff with the appropriate details of dispute (ie ).
Importance Of Clean Title In Real Estate InvestingArticle Summary: When buying houses, one of the most basic requirements is to make sure the property is marketable. What this means is that you must receive it free and clear of any liens that existed before you buy it.In this article, we explore the importance of clear title in real estate investing.
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I made a novice mistake recently and lost over a thousand dollars even though it sounds so basic. Normally I only pursue a short sale if [url=http://www.par5club.com/louboutin.php]louboutin pas cher[/url] I [url=http://cgi.ebay.co.uk/ws/eBayISAPI.dll?ViewItem&item=220783463366]louboutin pas cher Essential [/url] see [url=http://www.ktbruce.co.uk/barbourjackets.php]barbour.co.uk[/url] there is potential to create a lot of equity to justify spending all the time involved in doing a short sale. In particular, I love properties with more than one mortgage because the junior lien holder usually stands to lose everything if the property goes into foreclosure. They are therefore willing to take pennies on the dollar in a short sale.
It [url=http://www.ktbruce.co.uk/mulberrysale.php]mulberry outlet[/url] is easy to negotiate twenty cents on the dollar on a second mortgage. If you can also do a short sale on the first mortgage, you can end up creating a lot of equity for a good, profitable deal.
I [url=http://www.jeremyparendt.com/Barbour-Paris.php]barbour france paris[/url] recently got a dela like this which I instantly identified as highly potential. The first mortgage balance was low enough, almost 50% of the value of the house, but there [url=http://www.rtnagel.com/louboutin.php]louboutin pas cher[/url] was also a small second mortgage. Even if I had to pay off both mortgages, I would still have had a good deal.
All the owner wanted was to get rid of the property without foreclosure. We did all the paperwork, and just a few weeks had both short sale offers accepted.
Only minor repairs were needed, it had no structural damage like roof or foundation.
Before I could wholesale the property, I had to remove a lot of junk and do a few touch-ups to make it marketable. The yard was overgrown; there was tons of trash to haul off, and general cleanup. I eventually spent about $1000 getting it ready to flip.
I was pretty sure I was going to flip it easily and quickly lined up a buyer with cash.
In the meantime, my title company started title work to get it ready to close. The seller had forgotten to disclose two other liens as it turned out!
[url=http://www.davidhabchy.com]barbour sale[/url] Both liens were mechanic liens. Though it was easy to track down one of the liens, the other one had been sold several times and the [url=http://www.xh-electronic.com/service/feedback_look.php?id=47515]louboutin Catch The Special Thing About Clear Crystal Jewelry - written by Goutam Roy[/url] contact information did not work. In [url=http://www.teatrodeoro.com/hollisterde.php]hollister[/url] short, we had no way of negotiating one of the liens.
This means I could not own the property free and clear unless contacted all lien holders and agreed on a pay-off. Only foreclosure could wipe out the liens.
After spending weeks in short sale negotiations [url=http://www.ktbruce.co.uk/hollisteroutlet.php]hollister outlet[/url] and over $1000 in expenses, I ended up giving up on the deal.
This experience can serve as a word of caution if you buy houses directly from motivated sellers. Although motivated sellers can have some of the most profitable real estate investing deals, they can also have multiple liens, judgments and other title issues.
Check the title to make sure your properties are marketable before you spend time and money.
I get free title work from my [url=http://xx.sxzhx.net/ccl/cclai_GuestBook.asp]giuseppe z[/url] title company because I have closed many deals with them. Even if you have to pay for title work, it is likely it is not as expensive as the time and money you would lose without [url=http://www.jeremyparendt.com/Barbour-Paris.php]barbour pas cher soldes[/url] checking the title.
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